Retirement process in an organization can prove to be cumbersome if it is not handled efficiently. Managing the task requires the company to adopt a systematic approach so that each process and procedure is initiated smoothly and correctly. KPIs in this regard can be helpful in identifying those aspects of retirement process that play a crucial role in completing the overall task easily and in-time.KPIs in Retirement process can be categorized in four major perspectives- Retirement planning estimate, Organization workforce distribution, Retirement procedures and plans and Replacement management.Retirement planning estimate perspective talks about the estimates regarding the employees in the organization who are going to retire in the near future. It includes indicators such as % of employees aged 50+, % of senior executives near retirement age, % of management grade employees near retirement age and % of voluntary retirements in a year.Organizational workforce distribution provides an overview of the workforce of the company. It incorporates indicators such as % of permanent employees, % part-time employees, % disabled employees and male/female ratio.Retirement procedures and plans include indicators like number of retirement claims reported, % of retirement cases completed within appropriate time period, % of employees participating in Retirement funds and schemes and number of new retirement schemes and plans launched.Replacement management takes into consideration KPIs like % of positions filled with internal sources, % of positions filled with external sources, number of training sessions held for new joiners and % increase in expenditure on training of new joiners.
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Retirement is a condition when a person stops working, thereby creating a vacuum for financial assistance. This sends him/her to search for appropriate retirement plans and make arrangements to fill the gap. Companies too are involved in organizing retirement planning policies for their employees the source of inflows.
However, the subject asks for a logical and scientific understanding about the subject and similar approach for gauging the situation.
One can take the required help from BSC (Balanced Scorecard) strategy that was conceptualized by Norton and Kaplan in 1990s. This was because of incapability of financial metrics in helping organizations analyze their well-being.
As a result of this, a successful culmination of financial and non-financial metrics was developed to know about the operations. Also, by knowing about the values and numbers, one can make sure that future decisions have a more concrete and solid basis.
By collecting related set of parameters, it is possible to conduct the retirement planning task successfully.
By arranging the retirement scorecards of retirement policies in a cascade form, the management can get down to individual levels also whenever there exists a need. Thereby, problems in the area of retirement planning can be dug and corrected.
This is the actual scorecard with Retirement Measures and performance indicators. The performance indicators include: retirement planning estimate, % of employees aged 50+, % of senior executives near retirement age, % of management grade employees near retirement age, % of voluntary retirements in a year, organizational workforce distribution, % of permanent employees, % part-time employees, % disabled employees, male/female ratio, retirement procedures and plans, number of retirement claims reported, % of retirement cases completed in time, % of employees participating in retirement funds and schemes, number of new retirement schemes and plans launched, replacement management, % of positions filled with internal sources, % of positions filled with external sources, number of training sessions held for new joiners, % increase in expenditure on training of new joiners.
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